Sinclair Pharmaceuticals Buys Silhouette Soft for $117 Million

Sinclair
IS Pharma PLC Tuesday said it has agreed a deal to acquire private
aesthetics company Silhouette for about $117.0 million in cash plus
royalties, in a move that will complete the build-out of the company’s
aesthetics business and enhance its technological position and growth
prospects in collagen stimulation.

In
a statement, the specialty pharmaceutical company said it will pay
$24.0 million when the deal completes, with the remaining $93.0 million
related to certain milestones being achieved and royalty buy back.

The
deal will be financed through a combination of debt and equity.
Sinclair said it has agreed to raise £19.5 million, net of expenses, by
issuing 62.5 million shares at a 32 pence placing price, which is a 5.3%
premium to the company’s closing price on Monday. Sinclair has also
entered into an amended facility agreement with Hayfin, which will
provide a $16.5 million gross facility in relation to the acquisition.
It will draw down the entire facility for the initial payment.